METROPOLITAN WASHINGTON AIRPORTS AUTHORITY

Transcription

1 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY FINANCIAL STATEMENTS DULLES CORRIDOR ENTERPRISE M FEBRUARY 2014

2 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE FUND FINANCIAL REPORT FEBRUARY 2014 Table of Contents Page Highlights Dulles Corridor Enterprise Fund Highlights...1 Statement of Net Assets Income Statements DCE Comparative Income Statement...4 Income Statements by Programs DCE Income Statement: Month-to-Date...5 DCE Income Statement: Year-to-Date...6 DCE O&M Comparative Income Statement...7 Toll Road Comparative Analysis of Revenues & Expenses DCE O&M Comparative Analysis of Revenue & Expenses - Month vs. Last Month & Last Year...8 Toll Road Comparative Analysis & Graph This Year vs. Last Year...9 Actual versus Budget Summary Toll Road Revenues Actual vs. Budget Summary...10 Toll Road Expenses Actual vs. Budget Summary...11 Debt Service Coverage Ratio DCE Debt Service Coverage...12 Toll Road Charts DCE Toll Road Transactions & Graph...13 DCE Toll Road Revenues & Graph...14

3 Metropolitan Washington Airports Authority Financial Statements February 2014 Dulles Corridor Enterprise Fund Highlights in Brief The increase in net position (i.e. net income) for the Dulles Corridor Enterprise Fund in February 2014 was $8.9 million. Year-to-date, the increase in net position for the Dulles Corridor Enterprise Fund was $28.4 million. February 2014 operations of the Dulles Toll Road resulted in total revenues of $10.6 million, of which $1.6 million was in cash toll collections, and $8.9 million (83.4%) was in AVI toll collections. Total revenues decreased by $1.0 million (8.4%) compared to January As compared to February 2013, revenues were higher by $1.2 million (12.8%) largely due to an increase of $0.75 cents in toll rates at the main toll plaza effective January 1, Year-to-date revenues through February 2014 were $22.3 million and were higher by $2.8 million (14.3%) than prior year. February 2014 operating expenses for the Dulles Toll Road operations were $2.7 million. This is an increase from January 2014 by $0.3 million primarily due to an increase of $0.4 million in snow removal services and snow supplies and materials. Year-to-date expenses through February 2014 totaled $5.1 million and were higher by $0.7 million (15.7%) than prior year. Operating income for the Dulles Toll Road for February 2014 was $8.0 million compared to operating income of $9.3 million for January Year-to-date operating income through February 2014 was $17.2 million compared to operating income of $15.1 million through February Two months into the year, or 16.7% through the year, the Toll Road operation has earned 14.9% of budgeted annual revenues and expended 17.6% of budgeted annual expenses. The DCE CIP program had $0.9 million in operating expenses for February Operating expenses for the DCE CIP program consist primarily of allocated overhead expenses, bond cost of issuance expense and audit related expenses. Year-to-date operating expenses through February 2014 were $1.9 million. Federal grant revenue of $2.4 million and Local grant revenue of $0.8 million was recognized for the Rail project in February The Rail project year-to-date through February 2014 has recognized $9.3 million in Federal grants and $4.2 million in local grants Additional Federal grant revenue of $1.1 million was recorded in February 2014 relating to the Build America Bond interest subsidy, bringing the year-to-date subsidy amount to $2.2 million. The Rail project recorded $10.7 million in construction in progress for Phase 1 and $4.8 million for Phase 2 in February Year-to-date Rail project costs totaled $30.9 million for Phase 1 and $12.2 million for Phase 2. 1

4 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 10 MAR 14 17:54:29 Statement of Net Position Dulles Corridor Enterprise Page: 1 Current Period: Feb 14 As of Feb 14 As of Jan 14 ASSETS Current Assets Unrestricted cash and cash equivalents $ 86,720,025 $ 127,179,196 Restricted cash and cash equivalents 254,432, ,525,667 Accounts receivable, net 489, ,213 Investments 0 0 Inventory 62, ,491 Prepaid expenses and other current assets 308, ,538 Total Current Assets 342,013, ,759,105 Non Current Assets Restricted Assets Cash and cash equivalents 192,546, ,140,100 Receivables 139,123, ,841,808 Investments 153,951, ,205,467 Total Restricted Assets 485,621, ,187,375 Unrestricted Assets Investments 0 0 Bond Issuance Costs 19,106,038 19,249,288 Total Unrestricted 19,106,038 19,249,288 Capital Assets Construction in progress 8,509,666 8,522,326 Construction in Progress, Metrorail Phase 1 3,062,238,945 3,051,524,665 Construction in Progress, Metrorail Phase 2 196,463, ,647,650 Building, systems and equipment 77,647,482 77,659,077 Less: accumulated depreciation (6,836,869) (6,514,640) Capital Assets, Net 3,338,022,541 3,322,839,078 Total Non Current Assets 3,842,749,730 3,790,275,742 Total Assets $ 4,184,762,966 $ 4,213,034,847 =============== =============== DEFERRED OUTFLOWS OF RESOURCES Total Deferred Outflows of Resources $ 0 $ 0 =============== =============== 2

5 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 10 MAR 14 17:54:29 Statement of Net Position Dulles Corridor Enterprise Page: 2 Current Period: Feb 14 As of Feb 14 As of Jan 14 LIABILITIES Current Liabilities Accounts payable and accrued expenses $ 83,429,896 $ 129,979,564 Advance billings and payments received in advance 30,000,000 30,000,000 Accrued lease obligations 7,851 7,851 Due to (due from) other funds 5,701,744 4,784,655 Accrued interest payable 22,654,639 17,943,767 Current portion of long term liabilities 154,201, ,201,882 Total Current Liabilities 295,996, ,917,719 Non Current Liabilities Other liabilities 126,037, ,037,425 Commercial paper notes 300,000, ,000,000 Notes payable 183,871, ,871,046 Accretted debt 171,626, ,918,989 Bonds payable 1,282,011,031 1,282,003,949 Total Non Current Liabilities 2,063,545,674 2,059,831,409 Total Liabilities $ 2,359,541,686 $ 2,396,749,128 =============== =============== DEFERRED INFLOWS OF RESOURCES Total Deferred Inflows of Resources $ 0 $ 0 =============== =============== NET POSITION Net Investment in Capital Assets $ 1,713,344,067 $ 1,660,917,690 Restricted for: Construction 164,875, ,744,992 Debt service 3,540,360 4,630,417 Dulles Rail CAPRA 15,961,921 15,961,785 Dulles Rail latent defects 15,003,511 15,003,383 Dulles Toll Road repairs 8,121,427 8,121,426 Unrestricted (95,625,184) (52,093,974) Total Net Position $ 1,825,221,280 $ 1,816,285,719 =============== =============== 3

6 Currency: USD Fund=02 (Dulles Corridor Enterprise Fund) MWAA Corporate Ledger Date: 10 MAR 14 17:57:41 Dulles Corridor Enterprise Fund Comparative Income Statement Page: 1 Current Period: Feb 14 Current Month Prior Month Variance Current Month Variance Year to Date Year to Date Variance Prior Year Prior Year OPERATING REVENUES Tolls cash $ 1,560,257 $ 1,719,313 $ (159,056) $ 1,629,771 $ (69,514) $ 3,279,569 $ 3,403,993 $ (124,424) Tolls AVI 8,886,711 9,713,903 (827,193) 7,743,340 1,143,371 18,600,614 15,936,574 2,664,040 Tolls violations 202, ,357 7,072 70, , , , ,643 Tolls cash over/short Other (500) (500) Total operating revenues 10,649,396 11,628,573 (979,176) 9,443,886 1,205,511 22,277,969 19,497,210 2,780,759 OPERATING EXPENSES Salaries and related benefits 867, ,984 (38,333) 832,288 35,364 1,773,636 1,706,370 67,266 Services 1,484,649 1,258, ,369 1,392,591 92,058 2,742,929 2,418, ,308 ETC transaction fees 383, ,293 (5,424) 424,456 (40,587) 773, ,404 (96,241) Materials and supplies 241, , , ,936 90, , , ,569 Lease and rental expenses Utilities 20,886 18,973 1,913 16,360 4,527 39,860 46,968 (7,108) Telecommunication 20,408 21,074 (667) 20,768 (360) 41,482 42,119 (637) Travel 3,151 3,917 (766) 3, ,067 6, Insurance 28,819 36,723 (7,904) 35,990 (7,171) 65,542 75,228 (9,686) Project expenses 16, ,846 (116,875) 0 16, ,816 (87,847) 238,663 Non cash expenses (gains) Depreciation and amortization 532, ,486 (336) 600,490 (68,340) 1,064, , ,316 Total operating expenses 3,600,691 3,442, ,461 3,477, ,484 7,042,920 6,112, ,329 OPERATING INCOME 7,048,706 8,186,343 (1,137,637) 5,966,680 1,082,026 15,235,049 13,384,619 1,850,430 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) (115,170) 371,509 (486,679) 277,738 (392,908) 256,339 (434,900) 691,239 Realized investment gains (losses) 303, ,037 (31,911) 304,103 (977) 638, ,714 2,449 Interest expense (2,567,837) (938,667) (1,629,170) (2,330,332) (237,504) (3,506,503) (4,027,886) 521,382 Federal, state and local grants Total non operating revenues (expenses) (2,379,881) (232,121) (2,147,760) (1,748,491) (631,390) (2,612,002) (3,827,072) 1,215,070 GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 4,668,825 7,954,222 (3,285,398) 4,218, ,637 12,623,047 9,557,547 3,065,500 CAPITAL CONTRIBUTIONS Federal grants 3,476,067 8,057,312 (4,581,245) 8,178,952 (4,702,885) 11,533,379 21,619,938 (10,086,559) State grants Local grants 790,669 3,428,700 (2,638,031) 3,508,070 (2,717,400) 4,219,369 10,059,786 (5,840,416) Total capital contributions 4,266,736 11,486,012 (7,219,276) 11,687,021 (7,420,285) 15,752,748 31,679,723 (15,926,975) INCREASE (DECREASE) IN NET POSITION $ 8,935,561 $ 19,440,234 $ (10,504,673) $ 15,905,209 $ (6,969,648) $ 28,375,795 $ 41,237,270 $ (12,861,475) =============== =============== =============== =============== =============== =============== =============== =============== 4

7 Currency: USD No specific Ledger requested MWAA Corporate Ledger Date: 10 MAR 14 17:59:55 Dulles Corridor Enterprise by Programs Month to Date Page: 1 Current Period: Feb 14 O&M R&R CIP Total Month of Feb 14 Month of Feb 14 Month of Feb 14 Month of Feb 14 OPERATING REVENUES Tolls cash $ 1,560,257 $ 0 $ 0 $ 1,560,257 Tolls AVI 8,886, ,886,711 Tolls violations 202, ,429 Tolls cash over/short Total operating revenues 10,649, ,649,396 OPERATING EXPENSES Salaries and related benefits 588, , ,652 Services 1,417, ,746 1,484,649 ETC transaction fees 383, ,870 Materials and supplies 235, , ,801 Lease and rental expenses Utilities 19, ,804 20,886 Telecommunication 13, ,252 20,408 Travel 1, ,813 3,151 Insurance 28, ,819 Project expenses ,970 16,970 Non cash expenses (gains) Depreciation and amortization 37,525 14, , ,150 Total operating expenses 2,726,188 14, ,345 3,600,691 OPERATING INCOME 7,923,208 (14,157) (860,345) 7,048,706 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) 0 0 (115,170) (115,170) Realized investment gains (losses) 1, , ,126 Interest expense (60,493) 0 (2,507,344) (2,567,837) Federal, state and local grants Total non operating revenues (expenses) (59,137) 0 (2,320,744) (2,379,881) GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 7,864,071 (14,157) (3,181,090) 4,668,825 CAPITAL CONTRIBUTIONS Federal grants 0 0 3,476,067 3,476,067 State grants Local grants , ,669 Total capital contributions 0 0 4,266,736 4,266,736 INCREASE (DECREASE) IN NET POSITION $ 7,864,071 $ (14,157) $ 1,085,647 $ 8,935,561 =============== =============== =============== =============== 5

8 Currency: USD No specific Ledger requested MWAA Corporate Ledger Date: 10 MAR 14 18:00:31 Dulles Corridor Enterprise by Programs Page: 1 Current Period: Feb 14 O&M R&R CIP Total YTD Feb 14 YTD Feb 14 YTD Feb 14 YTD Feb 14 OPERATING REVENUES Tolls cash $ 3,279,569 $ 0 $ 0 $ 3,279,569 Tolls AVI 18,600, ,600,614 Tolls violations 397, ,786 Tolls cash over/short Total operating revenues 22,277, ,277,969 OPERATING EXPENSES Salaries and related benefits 1,207, ,475 1,773,636 Services 2,528, ,307 2,742,929 ETC transaction fees 773, ,163 Materials and supplies 371, , ,118 Lease and rental expenses Utilities 36, ,608 39,860 Telecommunication 26, ,503 41,482 Travel 3, ,625 7,067 Insurance 65, ,542 Project expenses , ,816 Non cash expenses (gains) Depreciation and amortization 75,386 28, ,936 1,064,636 Total operating expenses 5,088,108 28,314 1,926,498 7,042,920 OPERATING INCOME 17,189,861 (28,314) (1,926,498) 15,235,049 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) , ,339 Realized investment gains (losses) 2, , ,162 Interest expense (60,493) 0 (3,446,011) (3,506,503) Federal, state and local grants Total non operating revenues (expenses) (57,723) 0 (2,554,279) (2,612,002) GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 17,132,137 (28,314) (4,480,776) 12,623,047 CAPITAL CONTRIBUTIONS Federal grants ,533,379 11,533,379 State grants Local grants 0 0 4,219,369 4,219,369 Total capital contributions ,752,748 15,752,748 INCREASE (DECREASE) IN NET POSITION $ 17,132,137 $ (28,314) $ 11,271,972 $ 28,375,795 =============== =============== =============== =============== 6

9 MWAA Corporate Ledger Date: 10 MAR 14 18:06:16 DCE O&M Comparative Income Statement Page: 1 Current Period: Feb 14 Currency: USD Fund=70 (O&M Dulles Corridor Enterprise Operations and Maintenance Program) Current Month Prior Month Variance Current Month Variance Year to Date Year to Date Variance Prior Year Prior Year OPERATING REVENUES Tolls cash $ 1,560,257 $ 1,719,313 $ (159,056) $ 1,629,771 $ (69,514) $ 3,279,569 $ 3,403,993 $ (124,424) Tolls AVI 8,886,711 9,713,903 (827,193) 7,743,340 1,143,371 18,600,614 15,936,574 2,664,040 Tolls violations 202, ,357 7,072 70, , , , ,643 Tolls cash over/short Other (500) (500) Total operating revenues 10,649,396 11,628,573 (979,176) 9,443,886 1,205,511 22,277,969 19,497,210 2,780,759 OPERATING EXPENSES Salaries and related benefits 588, ,688 (30,217) 591,370 (2,898) 1,207,160 1,212,615 (5,454) Services 1,417,904 1,110, ,185 1,186, ,389 2,528,623 1,971, ,083 ETC transaction fees 383, ,293 (5,424) 424,456 (40,587) 773, ,404 (96,241) Materials and supplies 235, , , ,655 94, , , ,352 Lease and rental expenses Utilities 19,082 17,169 1,913 14,723 4,359 36,251 43,695 (7,443) Telecommunication 13,156 13,823 (667) 14,827 (1,671) 26,979 30,237 (3,258) Travel 1,338 2,104 (766) 1,588 (250) 3,442 3, Insurance 28,789 36,693 (7,904) 35,990 (7,201) 65,482 75,228 (9,746) Project expenses Non cash expenses (gains) Depreciation and amortization 37,525 37,861 (336) 22,673 14,852 75,386 45,346 30,040 Total operating expenses 2,726,188 2,361, ,268 2,433, ,293 5,088,108 4,396, ,480 OPERATING INCOME 7,923,208 9,266,652 (1,343,444) 7,009, ,218 17,189,861 15,100,582 2,089,279 NON OPERATING REVENUES (EXPENSES) Unrealized investment gains (losses) Realized investment gains (losses) 1,356 1,413 (57) 15,334 (13,978) 2,770 32,328 (29,558) Interest expense (60,493) 0 (60,494) 0 (60,493) (60,493) 0 (60,493) Federal, state and local grants Total non operating revenues (expenses) (59,137) 1,414 (60,551) 15,334 (74,471) (57,723) 32,328 (90,051) GAIN (LOSS) BEFORE CAPITAL CONTRIBUTIONS 7,864,071 9,268,066 (1,403,995) 7,025, ,746 17,132,137 15,132,910 1,999,228 CAPITAL CONTRIBUTIONS Federal grants State grants Local grants Total capital contributions INCREASE (DECREASE) IN NET POSITION $ 7,864,071 $ 9,268,066 $ (1,403,995) $ 7,025,325 $ 838,746 $ 17,132,137 $ 15,132,910 $ 1,999,228 =============== =============== =============== =============== =============== =============== =============== =============== 7

10 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE (TOLL ROAD ONLY) COMPARATIVE ANALYSIS OF REVENUE AND EXPENSES (GAAP BASIS) THIS MONTH VS. LAST MONTH AND LAST YEAR FOR THE MONTH ENDED FEBRUARY 28, 2014 DULLES TOLL ROAD % LAST YR. % FEBRUARY 2014 JANUARY 2014 VARIANCE CHANGE (SAME MONTH) DIFF. CHANGE TOLLS - CASH $ 1,560,257 $ 1,719,313 $ (159,056) (9.3%) $ 1,629,771 $ (69,514) (4.3%) TOLLS - AVI 8,886,711 9,713,903 (827,193) (8.5%) 7,743,340 1,143, % TOLLS - VIOLATIONS/OTHER 202, ,357 7, % 70, , % TOLLS - CASH OVER/SHORT TOTAL REVENUES 10,649,396 11,628,573 (979,176) (8.4%) 9,443,886 1,205, % SALARIES AND RELATED BENEFITS 588, ,688 (30,217) (4.9%) 591,370 (2,898) (0.5%) SERVICES 1,417,904 1,110, , % 1,186, , % ETC TRANSACTION FEES 383, ,293 (5,424) (1.4%) 424,456 (40,587) (9.6%) MATERIALS AND SUPPLIES 235, , , % 141,655 94, % LEASE AND RENTAL EXPENSES % % UTILITIES 19,082 17,169 1, % 14,723 4, % TELECOMMUNICATION EXPENSES 13,156 13,823 (667) (4.8%) 14,827 (1,671) (11.3%) TRAVEL 1,338 2,104 (766) (36.4%) 1,588 (250) (15.7%) INSURANCE 28,789 36,693 (7,904) (21.5%) 35,990 (7,201) (20.0%) NON-CAPITALIZED FACILITY PROJECTS NON-CASH EXPENSES % % DEPRECIATION AND AMORTIZATION 37,525 37,861 (336) (0.9%) 22,673 14, % TOTAL EXPENSES 2,726,188 2,361, , % 2,433, , % OPERATING INCOME 7,923,208 9,266,652 (1,343,444) (14.5%) 7,009, , % NON-OPERATING INCOME (59,137) 1,414 (60,551) (4282.2%) 15,334 (74,471) (485.7%) NET INCOME $ 7,864,071 $ 9,268,066 $ (1,403,995) (15.1%) $ 7,025,325 $ 838, % TOLL ROAD REVENUES $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 TOLLS - CASH TOLLS - AVI TOLLS - VIOLATIONS FEBRUARY 2013 FEBRUARY 2014 JANUARY

11 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE (TOLL ROAD ONLY) COMPARATIVE ANALYSIS OF YEAR-TO-DATE REVENUE AND EXPENSES (GAAP BASIS) YEAR-TO-DATE THIS YEAR VS. LAST YEAR DULLES TOLL ROAD YEAR-TO-DATE YEAR-TO-DATE % FEBRUARY 28, 2014 FEBRUARY 28, 2013 VARIANCE CHANGE TOLLS - CASH $ 3,279,569 $ 3,403,993 $ (124,424) (3.7%) TOLLS - AVI 18,600,614 15,936,574 2,664, % TOLLS - VIOLATIONS/OTHER 397, , , % TOLLS - CASH OVER/SHORT TOTAL REVENUES 22,277,969 19,497,210 2,780, % SALARIES AND RELATED BENEFITS 1,207,160 1,212,615 (5,454) (0.4%) SERVICES 2,528,623 1,971, , % ETC TRANSACTION FEES 773, ,404 (96,241) (11.1%) MATERIALS AND SUPPLIES 371, , , % LEASE AND RENTAL EXPENSES % UTILITIES 36,251 43,695 (7,443) (17.0%) TELECOMMUNICATION EXPENSES 26,979 30,237 (3,258) (10.8%) TRAVEL 3,442 3, % INSURANCE 65,482 75,228 (9,746) (13.0%) NON-CAPITALIZED FACILITY PROJECTS NON-CASH EXPENSES % DEPRECIATION AND AMORTIZATION 75,386 45,346 30, % TOTAL EXPENSES 5,088,108 4,396, , % OPERATING INCOME 17,189,861 15,100,582 2,089, % NON-OPERATING INCOME (57,723) 32,328 (90,051) (278.6%) NET INCOME $ 17,132,137 $ 15,132,910 $ 1,999, % TOLL ROAD YEAR-TO-DATE REVENUES $20,000,000 $18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 TOLLS - CASH TOLLS - AVI TOLLS - VIOLATIONS/OTHER FEBRUARY 28, 2013 FEBRUARY 28,

12 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY ACTUAL VS BUDGET REVENUE SUMMARY DULLES CORRIDOR ENTERPRISE FUND - TOLL ROAD PERIOD ENDED FEBRUARY 28, 2014 NOTE: 16.7% OF YEAR COMPLETED YEAR-TO-DATE ANNUAL BUDGET REMAINING % EARNED % EARNED REVENUES: TOLLS - CASH $ 3,279,569 $ 32,738,200 $ 29,458, % 8.9% TOLLS - AVI 18,600, ,071,800 97,471, % 18.0% TOLLS - VIOLATIONS/OTHER 397, , , % 21.8% TOTAL REVENUES $ 22,277,969 $ 149,595,000 $ 127,317, % 15.3% 50.1% 16.7% OF YEAR COMPLETED % EARNED 33.4% 16.7% 0.0% TOLLS - CASH TOLLS - AVI TOLLS - VIOLATIONS/OTHER

13 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY ACTUAL VS BUDGET EXPENSE SUMMARY DULLES CORRIDOR ENTERPRISE FUND - TOLL ROAD PERIOD ENDED FEBRUARY 28, 2014 NOTE: 16.7% OF YEAR COMPLETED YEAR-TO-DATE ANNUAL BUDGET REMAINING % USED % USED OPERATING EXPENSES PERSONNEL COMPENSATION AND BENEFITS $ 1,207,160 $ 7,330,000 $ 6,122, % 15.7% TRAVEL 3,442 28,000 24, % 12.8% LEASE AND RENTAL PAYMENTS ,000 10, % 0.6% UTILITIES 36, , , % 19.6% TELECOMMUNICATIONS 26, , , % 17.9% SERVICES 3,301,786 18,704,818 15,403, % 15.9% SUPPLIES & MATERIALS 371, , , % 14.7% INSURANCE & RISK MANAGEMENT 65, , , % 6.8% NONCAPITAL EQUIPMENT 26 40,000 39, % 0.6% NONCAPITAL PROJECTS N/A N/A CAPITAL EQUIPMENT (55,024) 90, ,024 (61.1%) N/A CAPITAL FACILITY PROJECTS N/A N/A TOTAL EXPENSES $ 4,957,699 $ 28,168,818 $ 23,211, % 15.5% % OF BUDGET USED 50.1% 33.4% 16.7% 16.7% OF YEAR COMPLETED 0.0%

14 METROPOLITAN WASHINGTON AIRPORTS AUTHORITY DULLES CORRIDOR ENTERPRISE FUND DEBT SERVICE COVERAGE PERIOD ENDED FEBRUARY 28, 2014 Requirements January February DTR Gross Toll Revenue $ 11,628,573 $ 22,277,969 Toll Road O&M Expense (Less Depreciation) (2,324,059) (5,012,722) Other Expense - - Other Income 1,413 (57,723) NET REVENUE AVAILABLE FOR DEBT SERVICE $9,305,927 $17,207,525 First Senior Lien, Series ,249 1,690,498 Second Senior Lien, Series ,921,917 5,843,833 Less 35% subsidy on 2009 BAB's (1) (794,827) (1,589,655) Second Senior Lien, Series Subordinate Lien, Series 2010 (2) 1,000,000 2,000,000 Less 35% subsidy on 2010 BAB's (1) (319,550) (639,100) CP Series 1 45,762 67, Notes 37,849 74,301 TOTAL DEBT SERVICE $3,736,400 $7,447,322 First Senior Lien Debt Service Coverage 2.00 x x x Second Senior Lien Debt Service Coverage 1.35 x 3.13 x 2.89 x Subordinate Lien Debt Service Coverage 1.20 x 2.49 x 2.31 x Note: Excludes any accretion associated with any liens. (1) From October 2013, the 2009D & 2010D BAB subsidies are reduced by 8.7% to 26.3% as the stimulus component on longer exists. (2) Net of interest earnings 12

15 Dulles Corridor Enterprise Fund Dulles Toll Road Transaction Comparisons Transactions 1 January February March April May June July August September October November December YTD Comparative Annual ,533,849 6,897,287 14,431,136 14,431, ,919,077 7,409,382 7,979,292 8,596,720 8,773,942 8,388,250 8,437,968 8,550,839 8,293,200 8,713,861 7,944,233 7,669,453 15,328,459 98,676, ,022,521 7,889,749 8,687,041 8,181,616 8,717,049 8,726,637 8,418,491 8,700,231 8,113,485 8,428,482 8,161,592 7,844,178 15,912,270 99,891,072 Avg. Weekday Trans. 2 January February March April May June July August September October November December YTD Comparative Annual , , , , , , , , , , , , , , , , ,383 3,790, , , , , , , , , , , , , ,693 3,851,302 9,500,000 9,000,000 8,500,000 8,000,000 7,500,000 7,000,000 6,500,000 Toll Road Transactions 6,000,000 5,500,000 5,000, Transactions include cash and credit card, automatic vehicle identification (i.e., E-ZPass), non-revenue transactions (e.g., emergency or military vehicles), and violations. 2 Weekdays exclude federal holidays and days in which federal government offices are closed. Effective January 1, 2011, toll rates increased 25 cents at the main toll plaza. Effective January 1, 2012, toll rates increased 25 cents at the main toll plaza. Effective January 1, 2013, toll rates increased 25 cents at the main toll plaza as well as the on/off ramps. Effective January 1, 2014, toll rates increased 75 cents at the main toll plaza. 13

16 Dulles Corridor Enterprise Fund Dulles Toll Road Revenue Comparison January February March April May June July August September October November December YTD Comparative Annual 2014 $ 11,628,573 $ 10,649,396 $ 22,277,969 $ 22,277, $ 10,053,324 $ 9,443,886 $ 10,204,385 $ 10,830,020 $ 11,411,164 $ 10,787,616 $ 10,820,010 $ 11,114,413 $ 10,778,250 $ 11,503,339 $ 10,339,310 $ 9,901,375 $ 19,497,210 $ 127,187, ,178,917 8,054,220 8,819,788 8,398,229 8,900,082 8,884,182 8,579,991 8,824,605 8,255,318 8,549,445 8,235,967 7,915,344 $ 16,233, ,596, ,252,137 7,207,088 8,357,690 7,899,087 8,222,220 8,395,804 7,897,235 8,107,776 7,918,571 8,145,202 7,665,907 7,590,822 $ 14,459,225 94,659, Seasonalized Budget $ 11,824,572 $ 11,107,172 $ 12,002,248 $ 12,738,110 $ 13,421,643 $ 12,688,235 $ 12,726,337 $ 13,072,609 $ 12,677,219 $ 13,530,058 $ 12,160,944 $ 11,645,852 $ 22,931,744 $ 149,595,000 % of Budget 98.3% 95.9% 97.1% $14,000,000 $13,500,000 $13,000,000 $12,500,000 $12,000,000 $11,500,000 $11,000,000 $10,500,000 $10,000,000 $9,500,000 $9,000,000 $8,500,000 $8,000,000 $7,500,000 $7,000,000 $6,500,000 $6,000,000 $5,500,000 $5,000,000 Toll Road Revenue Seasonalized Budget Effective January 1, 2010, toll rates increased 25 cents at the main toll plaza as well as the on/off ramps. Effective January 1, 2011, toll rates increased 25 cents at the main toll plaza. Effective January 1, 2012, toll rates increased 25 cents at the main toll plaza. Effective January 1, 2013, toll rates increased 25 cents at the main toll plaza as well as the on/off ramps. Effective January 1, 2014, toll rates increased 75 cents at the main toll plaza. 14